Hillsborough County home prices down 30 percent
Foreclosure sales continue to stomp home prices in Hillsborough County. The Greater Tampa Association of Realtors reports an average sales price in December of $186,297. That's 30 percent below the $267,117 average price in December 2007.
During that same December-to-December period, sales rose 10 percent. GTAR reported 1,207 sales last month versus 1,009 in December 2007.
GTAR said 336 of those December sales - 28 percent - were "all cash" deals. That suggests a large presence of investors plunking down dollars for foreclosure bargains.
December prices were up about $4,000 over those in November 2008, though I don't consider that statistically significant.
Two files of statistics for your viewing (dis)pleasure: Download gtardec08.pdf and Download gtardectwo.pdf
GTAR combines sales of all housing types - both single family and condo - and includes some transactions from east-central Pasco County.
(Un)Real Estate offers a peek at the housing market usually reserved for insiders. While it focuses on the Tampa Bay area, it won't neglect dipping
into the rest of Florida and beyond. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
Pricing is directly attributable to bank REO capitulations. Expect this trend to continue as additional Bailout™ funds are disbursed to those institutions.
Posted by: TheTruth | January 13, 2009 at 02:19 AM
I know that every person that owns real estate is unhappy about the decline in prices...myself included, however, with the average home price being in the $180's, more buyers are going to be able to qualify to purchase. This is going to help stimulate sales, which is what we need to get the real estate market to start turning around.
Posted by: Tampa Real Estate | January 13, 2009 at 07:23 AM
more buyers are going to be able to qualify to purchase.
Now all is needed are jobs in the Tampa Bay area that can qualify for the $180's and there lies the problem.
Posted by: Fuzzy Bear | January 13, 2009 at 12:36 PM
Looks like a Realtor has decided to jump back into our group again. Notice that Tampa Real Estate also posted under Sandra Grenier in another post. Both link to a RE website. It's always nice to have a contrarian viewpoint. I wonder how long they they will stick around
Posted by: Truth | January 13, 2009 at 01:53 PM
If the average home price is 180k, shouldn't the average household income be 60k? I'm pretty sure it's lower than that.
Posted by: Alex | January 14, 2009 at 02:16 PM
"If the average home price is 180k, shouldn't the average household income be 60k?"
Good point as now you know that the "afforability" issue I have mentioned is still a problem for the Tampa Bay area. Home prices will continue to decline until the point is reached where the average home price is in line with the average local incomes.
Posted by: Fuzzy Bear | January 18, 2009 at 02:00 PM